Economics - Marginal Utility

5,681 results

economics

how is marginal utility found? Marginal utility is the change in total utility divided by the change in the quantity consumed of a good. MU=ChangeinTU/ChangeinQG

Economics

What is more important to the consumer: Marginal utility or marginal utility per dollar and why

microeconomics

This week you have gone to two parties. Assume the total utility you gained from these parties is 100utils. Then you go to a third party, and your total utility rises to 110utils. What is the marginal utility of the third party attended per week? Given the law of diminishing ...

Economics

Suppose that Erin spends all of her income on two goods: pizza and fiction novels. If the price of pizza rises, then A. The current marginal utility per dollar spent on pizza will rise B. The current marginal utility per dollar spent on pizza will fall C. The current marginal ...

Economics

What happens to the marginal utility per dollar of shoes if the priece of shoes goes up, and how should consumers respond to this to maximize utility

Economics

Why do people routinely stuff themselves at all-you-can-eat buffets? Explain in terms of both utility and demand theories. At any level, the marginal cost of take another bite at an all-you-can-eat place is zero. In terms of utility, a person should therefore consume until the...

economics

how to derive marginal utility of income?

microeconomic

Suppose you consume three pounds of beef and five pounds of pork per month. The price of beef is $ 1.50 per pound, and pork is $ 2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium, what is the ratio of the marginal utility of beef to the ...

Economics

Suppose Bill is on a low-carbohydrate diet. He can eat only three foods: Rice Krispies, cottage cheese, and popcorn. The marginal utilities for each food are tabulated below. Bill is allowed only 167 grams of carbohydrates daily. Rice Krispies, cottage cheese, and popcorn ...

economics

apples cost £2 and pears cost £4. For John the marginal Utility (MU) of the last apple consumed was 4 and MU of pears was 12. For Paul MU of last apple was 3 and MU of last pear was 6. Which person is not maximising utility and how can you tell? What should they do?

Indifference Curves

For each example below, draw a set of three indifference curves that represent the given preferences. Be certain to show the direction of increasing utility. Also write down a utility function that would be consistent with the given preferences and use that utility function ...

economics

If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then

economics

explain how the principle of diminishing marginal utility is related to the downward sloping demand curve?

Economics

Could you please check these thanks. Directions match each item with the correct statement. Not all terms are USED. Here are the words to fill in the blanks. business planning demand curve complements elastic demand expensive goods demand marginal utility expectations market ...

Microeconomics (margin Utility) need clarification

Someone was kind enough to help me with this question, but i was still confused on how they helped me with the first part of my question. The original question was: You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are ...

Economics

I have a question about the marginal utility theory If someone is at consumer equilibrium consuming normal goods, will an increase to income increase total utility consumption of goods? An increase in income will increase total utility as well as consumption of normal goods. ...

Managerial Economics

Suppose Bill is on a low-carbohydrate diet. He can eat only three foods: Rice Krispies, cottage cheese, and popcorn. The marginal utilities for each food are tabulated below. Bill is allowed only 167 grams of carbohydrates daily. Rice Krispies, cottage cheese, and popcorn ...

Economic

1. The principle that states that the more you have of something, the less satisfaction you will get from an additional unit is the a. law of demand. c. law of equilibrium. b. law of diminishing marginal utility. d. price elasticity. 2. Demand for one particular brand of ...

Economics - Marginal Utility

If the price of a cheeseburger is $2 and the price of a bag of french fries is $1, and you have $7 to spend (and you can spend all of it). What is the utility-maximizing combination of cheeseburgers and french fries? Wouldn't that depend on the utility value of the cheesburger...

marketing

how are: goods services utility form utility place utility time utility possession utility information utility benifits and occupational area ralated to marketing the deffinition for it is: the prosses o developing, promotng, and distributing products to satisfy customers ...

microeconomics

Suppose your marginal utility for meals at the campus cafeteria this week has fallen to zero. Explain what has happened to your total utility curve derived from consuming these meals. Now explain what will happen to total utility if you eat more meals at the cafeteria this week.

mircoeconomic

Lakshani has $50 per season to spend on tickets to foot-ball games and tickets to soccer games. Each football tick-et costs $10 and each soccer ticket costs $5. She is thinking about buying 3 football tickets and 2 soccer tickets. Her marginal utility from the third football ...

MICROECONOMICS

Question One: Assume Susan has $80 to spend on candies and chips each week and both goods must be purchased whole units (no fraction). The price of candies is $8 each and chips is $20. CANDIES CHIPS # of cans Total Utility (TU) Marginal Utility (MU) MU/P Consumer Surplus # of ...

Economics

Luis’s utility function is u=x^.4y^.6 Suppose that Luis wants to get 60 utils, provide 4 bundles with which he can achieve that level of utility. Please explain

economics

Suppose a person has a utility function U=YX. What is the minimum level of income required to get a utility of 20? Your answer should be a function of, among other things, Px and Py.

Microeconomics: Consumer Theory

If the MU per dollar spent on wings is greater than the MU per dollar spent on pizza, JP will spend that dollar on wings because it adds more to his TU than if he spent it on pizza, i.e., he’ll buy more wings and less pizza. Suppose that JP was consuming so that his MUp/Pp &...

economics

If there is "too much of a good thing", the marginal cost of the last item exceeds its marginal benefit.

Economics

Suppose that a firm determines that its marginal revenue is greater than its marginal cost, it would better to

college economics

how to weigh marginal cost and marginal benefits when using examples of recent decisions in your life.

economics

There are two goods 1 and 2. Denote by (x1; x2) the consumption bundle consisting of x1 units of good 1 and x2 units of good 2. A consumer has preferences that described by the linear utility function: u(x1; x2) = x1 + 2x2: 1. Write down the equation for the indierence curve ...

economics

explain how the strength of the economy could affect the marginal benefits and the marginal costs associated with a decision to purchase a home.

Microeconomics help please (urgent)

You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50. 1) Does the lower price alter the marginal utility you originally placed on the item? 2) Is your potential total utility increased ...

A.P. Economics

1. Marginal is the change in one variable due to a unit change in another. For example, the change in the X value from 2 to 3 is 1 or a "unit change", which leads to an increase in Y from 12 to 21 or a "marginal increase" in the Y value of 9. The symbol Δ (the Greek ...

Managerial Economics/Math

I'm working on some HW for my MBA Managerial Economics class. I've got one problem down to the end, but I'm stuck. Any help would be greatly appreciated. And, of course, if you could check my work on a & b, that would be excellent. Thanks! :) 1.) The mathematics of consumer ...

economics

Suppose a monopolist faces an inverse demand function P=100-1/2Q, and the monopolist has a fixed marginal cost of $20. How much more would the monopolist make from perfect price discrimination compared to simply producing where marginal revenue equals marginal cost?

Economics

2.The owner-manager of Good Guys Enterprises obtains utility from income(profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...

home economics

The owner-manager of Good Guys enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up a problem and derive the optimization conditions if the...

managerial economics

The Owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firm behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...

Econmics - Marginal Utility

total utility of total utility of cheeseburgers french fries 0 0 20 8 36 14 48 18 56 20 60 20 What is the utility-maximizing combination of cheeseburgers and french fries if cheeseburgers are $2 and french fries are $1 and you have $7 to spend (and you can spend all of it). ...

Economics

If utility is U(x,y) = x^0.3 y^0.7 (i.e x* = 0.3I/Px and y* = 0.7I/Py). What is the indirect utility function and expenditure function?

Economics

If utility is U(x,y) = xy + y, what is the indirect utility function and expenditure function?

mircoeconomic

For each of the following situations, decide whether the bundle Lakshani is thinking about consuming is optimal or not. If it is not optimal, how could Lakshani improve her over-all level of utility? That is, determine which good she should spend more on and which good should ...

Micro Economics

Briefly explain the following: (a)Economic cost and accounting cost. (b)Free market economy and mixed economy. (c)Marginal utility theory and indifference curves analysis. Please note that we don't do students' homework for them. Once YOU have come up with a response to YOUR ...

Economics

Explain how decision making, interaction and the workings of the economy influences the marginal benefits and marginal costs associated with the decision to purchase a house?

Economics

My micro econ prof was trying to explain marginal analysis and he said the following: If your marginal happiness is 0 then you are maximally happy. I don't understand this at all. Could someone explain this to me? Thanks!

ECONOMICS

Need examples of topics dealing with 2 Economic Concepts.... Meaning .. Like Gas prices .. deals with supply and demand along with goods and services. Which two economic concepts? Please explain your question. I reposted Another post stating what exactly what i was looking for...

Microeconomic

If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then: Thank you-Jane

economics

The owner-manager of Good Guys Enterprises obtains utility from income (profit) and from having the firms behave in a socially conscious manner, such as making charitable contributions or civic expenditures. Can you set up the problem and derive the optimization conditions if ...

Economics

Suppose the demand curve for a monopolist is Qd = 500 – P, and the marginal revenue function is MR = 500 -2Q. The monopolist has a constant marginal and average total cost of $50 per unit.

Economics

Explain how each will impact the size of autonomous expenditure multiplier, other variables constant. (a) Decrease in marginal propensity to consume (b) Decrease in marginal propensity to import

Economics

If a firm is producing a level of output where marginal revenue exceeds marginal cost, would it improve profits by increasing output, decreasing output, or keeping output unchanged?

Economics(Please respond)

Given the increase in government expenditures and the marginal propensity to consume, how would you find the change in equilibrium GDP? I did the expenditures X the marginal propensity but this is wrong.

economics

what do the principles of economics influence your decision making, interaction with others, and the economy as a whole Im not sure what you are asking. Is it "what pricipals of economics affect decision making..." If so, I would use the principals of opportunity cost, utility...

statistics

the average yearly utility costs on Middleton is $1722 with stdev of 146. assume that the utility costs follow a normal distribution. 1) What would the utility costs have to be so that only 7% of houses in Middleton have utility costs greater than this amount

CALCULUS ECONOMICS

Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by (1/2)*(q^(1/2))+m +(G^(1/2)) where G denotes the total level of consumption in the market. The good is ...

economics

hi new to economics, and struggling with some of its concepts. got this posed as a homework question, and i have to admit stumped as how to begin. Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital ...

economics

q = 5,000 - 100p tc= 10,000 - 10q plot the demand curve marginal revenue curve marginal cost curve profit maximising price, quantity, and profits

economic

Does diminishing marginal utility or indifference curve works for consumers? which of these concept works

economics

charts for cardinal and ordinal utility

economics

Questions from Andreas Software Business A. How many software programs should Andrea sell to make the most profit? __________ What would her profit be? ___________ What is the marginal revenue for this number of programs? ____________ The marginal cost? _____________ B. If ...

economics

Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by 1/2 √q+m+√G, where G denotes the total level of consumption in the market. The good is sold by...

ECON 4346

4-The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today. 5-When the market price is ...

economics

what is meant by utility and how does it relate to purposeful behavior.

economics

Define utility using mathmatical expression.

economics

For example the productive needs of the firm would be to set (Marginal Revenue = Marginal Costs (MR = MC) and create excess profits for the firm. However, as far as what is in the best interests of society it might be Price or (Average Revenue) = MC. Give the answers of both ...

economics

1.. Suppose that U(x; y) = min(x; y) with px = 1 and py = 1. Describe and illustrate the income and substitution effects of an increase in the price of good y. What does this imply about a tax imposed on good y.. 2.. Let U(x; y) = 5x:8y:2 showing all derivation work, find: (a...

Economics

Quality Adjusted Life Years evaluates interventions in _____ rather than _____. a. dollars; years b. utility; dollars c. years; dollars d. dollars; utility

Economics

Ive been stuck on this forever now if someone could please walk me through it i was appreciate it: 1: Suppose John had a utility function of U=X^2/3Y^1/3 . Derive Johns demand function from his utility function showing all the necessary steps. i know that the MUx=MUy and first...

economics

What is meant by the term utility and how does it relate to purposeful behavior

Economics

what is meant by the term utility and how does it relate to purposeful behavior?

economics

Suppose 15 peaches and 20 oranges need to be divided between fred and ethel. Fred's utility function is U=Max(#of peaches, #of oranges) ethels utility function is U=Max(2# peaches, # of oranges). Carefully draw a graph showing the set of Pareto efficient allocations.

Economics

explain how a firm's production function is related to its marginal product of labor,how a firm's marginal product of labor is related to the value of its marginal product, and how a firm's value of marginal product is related to its demand for labor?

math/economics in calculus

The average cost of manufacturing a quantity q of a good, is defined to be a(q) = C(q)/q. The average cost per item to produce q items is given by a(q) = 0.01q2 − 0.6q + 13, for q >0. I know that the total cost is 0.01q^3-0.6q^2+13q What is the minimum marginal cost? ...

Economics

Suppose a market with two sellers Seller 1 has a marginal cost of c1=20q1 and seller 2 has a marginal cost of c2=40q2 Find the market supply curve in a competitive market where the price = c1= c2

Microeconomics

Assume that the marginal utilities for the first three units of a good consumed are 200, 150, and 125 respectively. What is the total utility for the first unit?

economics

Suppose the income tax rate schedule is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on any income over $70,000. Family A earns $28,000 a year and Family B earns $65,000 a year. ...

economics

Is the mrts? a. minuse one times the ratio of marginal products for ea. input? b. the slope of the marignal revenue product curve c. the marginal products of either input d. the slope of an icocost curve

LABOUR ECON...TAX QUESTION

k here is the question suppose a government imposed an employment tax. That is upon entering the labour force an, individual had to pay a lump sum tax. (if they don't work, they don't have to pay the tax). How ould this affect the individual's labour supply curve? Good ...

Economics/Math

The demand curve for a monopolist is Qd = 500 - P and the marginal revenue function is MR = 500 - 2P. The monoploist has a constant marginal and average total cost of $50 per unit. a. Find the monopolist's profit maximizing output and price b.Calculate the monopolist's profit...

Economics/Algebra

The demand curve for a monopolist is Qd = 500 - P and the marginal revenue function is MR = 500 - 2P. The monopoloist has a constant marginal and average total cost of $50 per unit. a. Find the monopolist's profit maximizing output and price b.Calculate the monopolist's profit...

Economics

. Suppose the demand curve for a monopolist is QD =500 - P, and the marginal revenue function is MR =500 – 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. a. Find the monopolist’s profit – maximizing output and price. b. Calculate the ...

Economics

The utility function of a consumer U(b,t)=Min(b,t) for where b=busfare and t=taxifare, b=3t for the same distance.For hundred times travel what will be the optimum number of busride and taxiride. If I understand your notation, bus fare costs 3 times a taxi fare. To maximize ...

math, economics

Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by 1/2√q+m+√G, where G denotes the total level of consumption in the market. The good is sold by ...

economics

Consider a consumer who has an experienced utility function given by . Let denote the market price of good , and assume that it remains fixed throughout the problem. The company selling the good starts an advertisement campagin that has the following effect on the consumer: he...

Economics

The marginal rate of technical substitution A. Determines the rate at which a producer can substitute between two inputs in order to increase one additional unit of output B. Is the absolute value of the slope of the isoquant C. Is the absolute value of marginal revenue D. Is ...

Economics

Yeah, so I'm in urgent need of help with this homework. 1. Assume that in a perfectly competitive market, a firm's costs and revenue are: Marginal cost = average variable cost at $20 Marginal cost = average total cost at $30 Marginal cost = average revenue at $25 A) How will ...

economics

How does a firm calculate marginal cost?

ECONOMICS

Q=200-2P so that Marginal Revenue is MR=100-Q.

Economics

For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. Equates marginal revenue and marginal cost I would think that it would be each one of them since each one uses the Golden ...

Algebra

83. Minimizing Marginal Cost The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase production from 49 to 50 units of output. ...

Economics

A PURE MONOPOLIST SELLS OUTPUT FOR $4 PER UNIT. THE MARGINAL COST IS $3, AVERAGE VARIABLE COSTS ARE $3.75, AND AVERAGE TOTAL COSTS ARE $4.25. THE MARGINAL RVENUE IS $3. WHAT IS THE SHORT RUN CONDITION FOR THE MONOPOLIST AND WHAT OUTPUT CHANGES WOULD YOU RECCOMMEND IN THE ...

Economics (MRS)

What is the marginal rate of substitution for U(x,y) = ãxy? ,ã(x+y)?

Economics

What is the law of demand and dimishing marginal approach

Economics

The spirit of equating marginal cost with marginal revenue is not held by a.perfectly competitive firms. b.oligopolistic firms. c.perfectly competitive firms and oligopolistic firms. d.none of the statements associated with this question are correct.

economics

What is the effective marginal tax rate of a government antipoverty program that guarantees every family a minimum income? Explain. Why might trying several antipoverty benefits to income level lead to an effective marginal tax rate of greater than 100 percent?

economics

What marginal costs does University of Phoenix incur in offering one more ECO/561 class? What marginal revenues does University of Phoenix earn from each additional ECO/561 class? How would you expect this marginal analysis to affect the volume of classes University of Phoenix...

Economics

Socrates owns just one ship. The ship is worth $200 million dollars. If the ship sinks, Socrates loses $200 million. The probability that it will sink is .02. Socrates' total wealth, including the value of the ship is $225 million. He is an expected utility maximizer with ...

Economics

Socrates owns just one ship. The ship is worth $200 million dollars. If the ship sinks, Socrates loses $200 million. The probability that it will sink is .02. Socrates' total wealth, including the value of the ship is $225 million. He is an expected utility maximizer with ...

economics

Suppose the demand curve for a monopolist is QD = 500 − P, and the marginal revenue function is MR = 500 − 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. a.Find the monopolist’s profit-maximizing output and price. b. ...

economics math

Consider a consumer who has an experienced utility function given by UEU(x,m)=2sqrtx+m. Let q denote the market price of good x, and assume that it remains fixed throughout the problem. The company selling the good x starts an advertisement campagin that has the following ...

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